MONCTON, NEW BRUNSWICK--(Marketwired - Sept. 22, 2016) - OrganiGram Holdings Inc. (TSX VENTURE:OGI)(OTCQB:OGRMF) (the "Company" or "OrganiGram") is pleased to announce that it has successfully amended its Health Canada licensed sales capacity of dried marijuana to 1,200kg per annum. Additionally, Health Canada also increased OrganiGram's licensed production and sales capacity for cannabis oils to 500kg per annum.
"OrganiGram has worked cooperatively with patients, physicians, and the regulators to ensure that our clients and counterparties can continue to rely on OrganiGram for the quantity and variety of high quality organic cannabis and cannabis oil products that the market requires. We have made significant recent investments in our team, our facilities, and our product offerings to position the Company for incremental growth and we are pleased that Health Canada has recognized this progress and awarded the increase to our license," says Denis Arsenault, Chief Executive Officer.
As previously disclosed, OrganiGram is also near completion of its fully funded build out in the existing Moncton facility for up to 3,500 kg of production capacity, which is expected to come online in early November. The Company also recently announced the acquisition of the adjacent property to its existing facility which will provide for significant production and processing infrastructure for the next phase of our expansion. This transaction remains pending and is expected to close before the end of September.
"The Company has formulated an aggressive expansion strategy that will be executed in phases to optimize our production growth, reduce our operating risks, and to deploy capital more efficiently for our shareholders," says Arsenault.
About OrganiGram Holdings Inc.
OrganiGram Holdings Inc. is a TSX Venture Exchange listed company whose wholly owned subsidiary, OrganiGram Inc., is a licensed producer of medical marijuana in Canada. OrganiGram is focused on producing the highest quality, condition specific medical marijuana for patients in Canada. OrganiGram's facility is located in Moncton, New Brunswick and the Company is regulated by the Access to Cannabis for Medical Purposes Regulations ("ACMPR").
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release contains forward-looking information which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, crop yields - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.